Elon Musk Revealed To Be Quietly Funding Dogecoin
- Elon Musk quietly supports the development of Dogecoin, aiming to make it more than a meme cryptocurrency.
- Musk considered creating a blockchain-based social media platform with a Dogecoin-based payment system.
- In April, Musk briefly changed Twitter’s logo to the Dogecoin symbol, causing a 30% price surge.
- Musk’s ambition is to see Dogecoin surpass Bitcoin and become a global currency.
- Musk’s influence extends to Twitter, where he’s discussing transforming it into a “PayPal 2.0,” potentially impacting both Twitter and the crypto industry.
Elon Musk has been revealed to be quietly funding the development of $DOGE, aiming to make it more than just a digital joke.
In a surprising update on September 4th, Musk’s biographer, Walter Isaacson, revealed insights from his upcoming book, “Elon Musk”.
According to Isaacson, the richest person in the world considered creating a blockchain-based social media platform with a payment system powered by Dogecoin.
Early April this year, Musk playfully swapped Twitter’s logo for the Dogecoin symbol briefly, but this modification was limited to the web version of Twitter, not the app version.
The motivation behind this impromptu logo change remains a subject of speculation, encompassing theories of jest and a display of his support for Dogecoin.
Notably, this logo switch induced a sudden 30% upswing in Dogecoin’s price, yet the surge was short-lived as the logo reverted to its original design.
While the extent of Musk’s financial support for Dogecoin remains uncertain, his ambition is clear: he wants Dogecoin to surpass Bitcoin and become the “currency of Earth”.
Musk’s Potential Impact on Twitter and Cryptocurrency
Musk’s influence extends beyond cryptocurrency investments.
He has been in discussions with Wall Street executives about transforming Twitter into an “updated version of PayPal”.
This potential move could have significant implications for the social media giants and the broader crypto space.
With Musk’s history of disrupting industries, his plans for Twitter are closely watched.
Twitter Blue, in its first three months, brought in just $11 million in mobile subscription revenue, a stark contrast to Twitter’s overall revenue of $1.2 billion for the second quarter of 2022, according to data from Sensor Tower.
Elon Musk, however, has shown a strong commitment to Twitter Blue’s success. He has indicated the likelihood of introducing new features like tweet editing and has raised the prospect of reducing the subscription fee.
Musk’s Legal Battles and the Future of Dogecoin
Musk’s involvement in Dogecoin has also sparked legal battles.
Musk, along with Tesla, faced a $258 billion racketeering lawsuit, accusing him of running a pyramid scheme to promote Dogecoin.
In response, Musk’s legal team labeled the lawsuit as a “fanciful work of fiction”.
They argued that Musk’s tweets about Dogecoin were often innocuous and lacked the specificity required for a fraud claim.
The investors behind the lawsuit claimed that Musk intentionally drove up Dogecoin’s price and then allowed it to crash, resulting in significant profits.
Dogecoin’s Resilience Amid Challenges
While its price may have experienced fluctuations, Dogecoin continues to hold a significant market cap.
The combined Dogecoin network is currently valued at around $9 billion, reflecting its enduring popularity and community support.
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